China Opens Financial Market To Asean Companies

from Ahmad Fuad Yahya NUSA DUA (BALI), Nov 19 (Bernama) - Chinese Prime Minister Wen Jiabao has announced measures to further strengthen Asean-China cooperation including opening its financial market to Asean companies. The country will also establish an Asean-China association of banks as well as expand work in maritime environmental protection. This is stated in the Asean-China Commemorative Summit on Friday to mark the 20th anniversary of dialogue. Malaysian Prime Minister Najib Razak said the summit also noted Wen Jiabao's proposal to make 2012 as Asean-China Year of Science and Technology Cooperation. "In terms of geopolitical relations, the summit welcomes guidelines to implement the Declaration of Conduct (DOC) for interested parties in South China Sea where China has agreed with the recommendation," he told a press conference with Malaysian reporters here Friday evening. The meeting also noted in future, DOC should be translated into a Code of Conduct and the matter was being studied and discussed by interested parties in South China Sea. It also welcomed the launch of Asean-China Centre to highlight the role of Asean and China to give positive impact on development of China's trade and investment in Asean. Currently, trade between Asean and China makes up 11 percent of Asean trade. The meeting also noted the Asean Investment Cooperation Fund amounting US$ 10bil that has not been fully utilised. "In the intervention on behalf of Malaysia, I informed that the 8th China-Asean Expo (CAEXPO) in Nanning recently was a success. Malaysia created business opportunities worth US$1.8bil or an increase of 5.6 percent from the last expo." On Asean-Japan Summit, the meeting welcomed confirmation of the Joint Declaration to strengthen Asean-Japan Strategic Cooperation and Action Plan for Strategic Cooperation (2011-2015). On Asean+3 Summit, he said the leaders welcomed further implementation of the Chiang Mai Initiative Multilateralisation (CMIM) in operation since March 24, 2010. "This is a contingency plan for a financial crisis in the region. It is a financial safety net to cover problems like balance of payment and liquidity for Asean countries." Najib said the leaders also stressed the importance of ensuring food safety in the region and noted the Asean+3 Emergency Rice Reserve Agreement signed on Oct 7. - BERNAMA Malaysia